Finance News
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Bourse gains EGP 18 bln, all indexes up
The market capital gained about EGP 18 billion to close at EGP 1.067 trillion, amid transactions that totaled EGP 2 billion.
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Egypt’s external debt rises by 5.1% in 4Q of 2022
In this respect, the government has committed to a ceiling on the gross debt of 92.1 percent of GDP by the end of the current fiscal year.
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National Bank of Egypt, Banque Misr release certificates of 22-16%
The first certificate is fixed for three years at a rate of 19 percent annually, and the return is paid monthly. The second certificate of three years
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Egypt’s Financial Regulatory Authority greenlights GIG’s acquisition of AIG
FRA approved the Kuwaiti Gulf Insurance Group's (GIG) subsidiary GIG Egypt's acquisition of AIG Egypt for EGP196.97 million.
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Egypt's net foreign assets drop by $1.3bln in February
The central bank allowed the Egyptian pound's official price to depreciate against the dollar by 1.4% in February.
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SAS Analytics, AI accelerate digital transformation of Egypt’s financial services
SAS, a leader in analytics, hosted an exclusive gathering of financial services key players, experts, and decision-makers in Cairo recently.
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B Investments posts higher consolidated profits at $43.3mln in 2022
Basic and diluted earnings per share (EPS) hiked to EGP 5.25 in 2022 from EGP 0.64 a year earlier.
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Sisi: Egypt Will Overcome Current Economic Crisis
Sisi added that the Russian-Ukrainian crisis may extend for a longer period of time, stressing that Egypt is working to overcome its repercussions.
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Islamic Development Bank approves $344.5 mln fund for Egypt's electric express train
During its 350th meeting in Jeddah, the Islamic Development Bank's (IsDB) board of executive directors approved three projects worth a total of $403m.
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NBE denies issuance of CDs at 30% interest rate
The Vice Chairman of the Bank’s Board of Directors Yehia Aboul-Fotouh in a press statement stressed the need to refer to official sources.
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Egypt’s Central Bank raises interest rates to highest level since 2017
In its meeting, the overnight deposit rate, overnight lending rate, and the rate of the main operation was raised by 200 bps to 18.25 percent, 19.25.
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Egypt president approves extra $5.4bln budget for social spending
The additional money was allocated for wages, subsidies and grants, and for social benefit spending.
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Explanation of the raising of interest rates by 200 bps
On the global front, forecasts for international commodity prices have eased compared to those underlying the previous MPC meeting.
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National Bank of Egypt denies issuance of new high return saving certificates
According to official statements, the proceeds of the CDs reached $750 billion in just 70 days and came to maturity in March.
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NBE raises return on 3-year savings certificates
You can access this service from any of the bank’s branches or via internet banking.
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Atlas Investment Egypt cuts 2022 consolidated loss by 74.6% YoY
Revenues grew to EGP 21.849 million last year from EGP 14.154 million a year earlier.
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Egypt Eyes Highest Primary Surplus of 2.5% in 2023/24 Budget
The minister pointed out that financial allocations for public investments witnessed an unprecedented increase in the new budget.
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Egypt lowers GDP growth target to 4.1%
Egypt has adjusted its real GDP growth rate target for FY2023/24 down to 4.1%, from the previously targeted 5.5% in December.
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Cabinet approves Egypt’s 2023/24 budget
Minister of Finance Mohamed Maait said that the target growth in the budget was 4.1%.
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Egypt’s policy rates seen in negative double-digit for most of 2023
Egypt’s real policy rates are expected to remain in negative double-digit territory for most of 2023.